Criminals posing as bankers at Santander and BBVA are now using phone and video calls to steal security codes – with a landmark €83,000 case showing how victims can lose everything in hours.
A NEW wave of highly convincing bank scams is sweeping across Spain, and expats are firmly in the crosshairs.
Unlike the clumsy phishing emails of the past, these frauds are slick, personal and alarmingly believable. Victims report receiving phone calls – and increasingly even video calls – from criminals posing as bank officials, security agents or fraud investigators. The goal is simple: panic you into handing over sensitive codes that give them full access to your account.
And the implications are serious with the authorities recently exploring a victim’s horror story in Spain’s Supreme Court in Madrid.
In the landmark ruling last year the judges ruled in favour of the victim who lost more than €83,000 in a single night after fraudsters gained access to his account using intercepted security codes. The court made clear that simply entering correct codes does not prove a payment was genuinely authorised.
The ruling is important as scammers evolve their tactics beyond texts and emails into something far more direct: live interaction.
According to leading cybersecurity firm AnyTech365, this type of scam has surged in early 2026, with attackers using ever more sophisticated tactics to build trust quickly.
Georgi Medzhidiliev at the Marbella-based firm told the Olive Press: “Scammers today are no longer relying on mass emails – they’re engineering real-time conversations that feel completely authentic, using personal data and urgency to manipulate victims into handing over security codes.”
How the scam works
It typically begins with a call that appears to come from your bank’s official number. The caller will likely use your name and refer to certain recent transactions, instantly building trust.
You’re told there’s ‘suspicious activity’ and ‘urgent action’ is required. Then comes the crucial moment: you’re asked to read out or confirm a code sent to your phone.
That code is the final piece of the puzzle – allowing the criminal gang to access your account and move money away within minutes.
In newer cases, scammers escalate further with video calls. Some appear in office-like environments or use fake branding, adding a layer of realism that can catch even cautious customers off guard.
Why expats are prime targets
Expats are particularly vulnerable. Managing finances across countries, often in a second language, can make it harder to detect subtle warning signs.
Combine that with unfamiliar banking systems and the natural instinct to trust what looks official, and the scam becomes dangerously effective. They also tend to be older and perhaps more vulnerable.
The red flags to spot
- Pressure to act immediately
- Requests for one-time passcodes or login details
- Instructions to move money ‘to keep it safe’
- Unexpected contact, even from a familiar number
NOTE WELL: No legitimate bank will ever ask for full security codes over the phone or on video.
How to protect yourself
The simplest defence is also the most powerful: pause. Don’t get flustered. Hang up and call your bank directly using the number on your card or official website. Never trust an incoming call at face value.
Also:
- Never share codes under pressure
- Enable account alerts and two-factor authentication
- Keep devices secure and updated
- Treat unsolicited video calls with extreme caution
What to do if you’re targeted
If you suspect fraud, act immediately. Contact your bank and freeze access.
Experts like AnyTech365 can help check if your device or accounts have been compromised and guide you through securing them.
The experienced firm, now over a decade protecting expats in Spain, as well as globally, will immediately tell you if it’s a scam.
As Medzhidiliev, Anytech365 continues: “Always remember: if someone is asking for your banking codes, even if they appear legitimate or are on a video call, it is a scam. The safest action is to stop the interaction immediately and contact your bank.”
The bottom line
These scams are no longer crude attempts – they’re staged, persuasive and fast-moving.
And as Spain’s top court has made clear, even using the right codes doesn’t mean you agreed to anything.
If someone is asking for them, you’re not being protected – you’re being played.
Here are a couple of recent examples:
1. The €83,000 overnight bank drain (Supreme Court case)
- Victim lost €83,000 in a single night via 15 transfers
- Fraudsters used SIM-swapping to intercept banking codes
- Victim had already warned the bank about suspicious activity
- Court ruled the bank was still liable
2. Expats targeted by fake ‘police plus bank’ calls
As the Olive Press reported at the end of last year, an expat Bulgarian mother-of-two, based in Valencia, lost €9,900 to a scammer. “They put such a fright in me I couldn’t stop being tricked,” the victim told the paper.
- The likely Balkan gang targeted expats across Spain
- At least €45,000 was stolen from just three victims including the Valencia mum
- Scammers posed as police AND Bank of Spain officials
- Used fear, threats, and psychological pressure
3. The ‘leave your cash in the mailbox case’
Elderly expat woman was told her account was under attack, according to Sanitas health insurance.
- Ordered to withdraw savings and leave €6,000 in her mailbox
- Told a ‘bank courier’ would collect it
- She already lost one payment before police intervened
For more information on fake bank calls, general information on scams and tips on how to avoid them contact AnyTech365 AntiScam for Windows and Android.
Click here to read more Spain News from The Olive Press.
